1. BITBILIHome
  2. Article

Bitget surges in Latam amid Binance and Coinbase legal turmoil

• 299 views

TL;DR Breakdown

  • Latin American Bitget users climbed 43% and deposits 134% from June 6 to June 9.
  • Legal action against Binance, a crypto exchange, was initiated by the United States on June 5.
  • The number of Brazilian customers joining the exchange increased by 54%, while the total amount of money they deposited increased by 208%.

As a result of the legal issues between Binance and Coinbase, crypto investors in Latin America (Latam) are increasingly using Bitget as an alternate platform. Bitget is gaining popularity as a trustworthy and safe crypto trading platform in Latam. Important transactions in the past have also been challenged in court. Bitget saw a 43% increase in users from Latin America last week, while deposits increased by 134%.

Bitget gains Latin American users amid Binance and Coinbase lawsuits

Bitget, a crypto exchange, has seen a meteoric rise in its customer base across Latin America. The increase in new signups follows a lawsuit filed by US officials against Binance and Coinbase. According to Bitget, between June 6 and June 9, new users in the region surged by 43%, with Brazil and Argentina at the forefront of this growth.

Bitget’s popularity in Brazil and Argentina as a crypto exchange has skyrocketed. Increases in both new customers (54%) and deposits (208%) have been reported in Brazil.

Argentine customers have increased by 33%, while the amount of money they deposit has risen by 87%. Bitget serves various nations, not just Venezuela, Colombia, and Mexico. The overall deposits in the region have increased by 134% in recent days.

Bitget has over 8 million users worldwide; however, the exact number of its Latin American customers has yet to be discovered. Significant events in the United States are responsible for the current numbers.

Bitget is growing as Binance and Coinbase are sued

In a lawsuit filed on June 5, the US Securities and Exchange Commission (SEC) targeted the crypto exchange Binance. The company was accused of illegally selling securities, operating without proper licensing as an exchange or broker, and mismanaging customer funds.

According to data provided by Defillama, Binance had net outflows of $3.128 billion over the past week, while Bitget saw deposits grow by $14.8 million. OKEx received $603 million last week, making it the highest-funded crypto exchange in the past week.

Bitget surges in Latam amid Binance and Coinbase legal turmoilBitget surges in Latam amid Binance and Coinbase legal turmoil

Source: Defillama

US officials sued Coinbase, another crypto exchange, on June 6. They began selling securities without a license in 2019 and have been acting as a broker without one ever since. SEC Chair Gary Gensler slammed Coinbase for failing to prevent fraud and manipulation and resolve potential conflicts of interest.

According to data compiled by Coingecko, Coinbase’s trading volume skyrocketed by 113.06% in less than 24 hours, reaching $1.5 billion.

Two of the largest crypto exchanges, Binance and Coinbase, are planning significant expansions in Brazil. Binance Payment is licensed to provide fiat-to-crypto and crypto-to-fiat services in Brazil, which the Brazilian Central Bank guarantees.

Coinbase facilitates the buying and selling of crypto for Brazilians through local bank transfers. There is a need in Brazil for specialized Bitcoin exchanges that are easier to use and more accessible.

Brazil has always been one of Binance’s top international markets, and the country recently gave its local partner a license to operate as a payment provider. Additionally, Coinbase is growing its regional operations. Since March, it has collaborated with regional payment processors to support crypto purchases and local currency deposits and withdrawals.

The crypto market is still extremely young but has grown significantly recently. In areas like Singapore, Dubai, and Hong Kong, favorable regulations are being established, and new opportunities are opening up. We are confident that things will settle down over time, with the industry consolidating itself as one of the strongest in the modern economy.

Bitget managing director Gracy Chen

Latin American crypto owners are turning to Bitget for safety due to the legal disputes between Binance and Coinbase. The platform has grown significantly in popularity because of its proactive compliance controls, user-friendly interface, and dedication to localized assistance.

Bitget’s ascent to the top of the list among Latin American investors is a testimonial to its capacity to provide a safe and dependable option amongst the legal difficulties experienced by industry titans. Bitget is a steadfast bulwark for Latin American Bitcoin owners while the industry landscape changes constantly.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Bitget surges in Latam amid Binance and Coinbase legal turmoil

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月14日 04:52
Next 2023年6月14日 06:26

Related articles

  • BRICS summit invitation list – Who made it and who didn’t?

    TL;DR Breakdown The upcoming BRICS summit has invited 69 leaders, majorly from Africa and Global South bodies. Key Western nations such as the U.S., U.K., and France are not invited. Over 40 countries are interested in joining the BRICS group, 22 have already submitted applications. Description As the BRICS summit rears its head, an unusual narrative takes shape in the invitations list. Johannesburg is about to host a summit where the attendees will not only form a large chunk of the economic might of the global south but will also signify a shift in the geopolitical balance. This year’s summit, scheduled … Read more As the BRICS summit rears its head, an unusual narrative takes shape in the invitations list. Johannesburg is about to host a summit where the attendees will not only form a large chunk of the economic might of the global south but will also signify a shift in the geopolitical balance. This year’s summit, scheduled for late August, has a guest list that reads more like a roll call of African nations and major Global South…

    Article 2023年7月27日

  • Crypto exchange Coinone’s former executive pleads guilty to bribery charges

    TL;DR Breakdown A former executive at Coinone, Mr. Jeon, has pleaded guilty to accepting bribes for listing certain cryptocurrencies, notably linked to a murder and kidnapping case in Seoul. The scandal, involving around 45 coins, roughly 25% of Coinone-listed tokens, has sparked a broader investigation into South Korean crypto exchanges and could significantly impact investor sentiment. The Coinone scandal comes on the heels of the LUNA collapse, heightening scrutiny from regulators and shedding light on potential market manipulation within South Korea’s $19.3 billion cryptocurrency market. A former executive of the prominent South Korean cryptocurrency exchange Coinone, known publicly as Mr. Jeon, has conceded to charges of accepting bribes amounting to nearly 2 billion won ($1.51 million) for the exclusive listing of certain cryptocurrencies on the platform. This troubling revelation, first reported by local news agency Yonhap, has shaken the cryptocurrency sphere, casting doubt over the integrity of other native cryptocurrency exchanges and triggering a nationwide investigation by Korean regulators. The charges: A deep dive into the Coinone case Jeon, who formerly directed Coinone’s listing process, was indicted for providing exclusive…

    Article 2023年5月30日

  • Ark Invest files for spot Ethereum ETF

    Description Sometimes the investment world receives a jolt that reminds everyone just how rapidly the financial landscape is evolving. Enter the scene: Ark Invest. Teaming up with 21Shares, the duo boldly declared their intent to debut the first-ever U.S.-based Ethereum ETF that would provide direct exposure to Ether – the crypto world’s silver. The move? Undeniably … Read more Sometimes the investment world receives a jolt that reminds everyone just how rapidly the financial landscape is evolving. Enter the scene: Ark Invest. Teaming up with 21Shares, the duo boldly declared their intent to debut the first-ever U.S.-based Ethereum ETF that would provide direct exposure to Ether – the crypto world’s silver. The move? Undeniably audacious. The impact? Potentially colossal. A Direct Investment Strategy: Because Why Not? Recent rumblings in the finance sphere have whispered of Ether futures spot-ETFs. But Ark Invest, never one to tiptoe around the edges, took it up a notch. Their strategy to directly hold Ether isn’t just gutsy—it’s unprecedented. And let’s be clear; this is no mere attempt to offer yet another crypto product. This is…

    Article 2023年9月7日

  • Ripple CEO calls out SEC’s “messy” actions in cryptocurrency dispute

    TL;DR Breakdown Ripple CEO accuses SEC of overstepping authority in the cryptocurrency sector. SEC’s appeal of the XRP ruling raises concerns about litigation prolongation. Garlinghouse emphasizes the need for legislative clarity and retail protection. Description In the aftermath of the recent verdict, Ripple‘s CEO, Brad Garlinghouse, has spoken out against the U.S. Securities and Exchange Commission (SEC), accusing the agency of overstepping its authority in the cryptocurrency sector. The SEC’s announcement of its intent to appeal Judge Torres’s ruling, which declared that XRP traded to ordinary traders was not a … Read more In the aftermath of the recent verdict, Ripple‘s CEO, Brad Garlinghouse, has spoken out against the U.S. Securities and Exchange Commission (SEC), accusing the agency of overstepping its authority in the cryptocurrency sector. The SEC’s announcement of its intent to appeal Judge Torres’s ruling, which declared that XRP traded to ordinary traders was not a security, has raised concerns that the agency is deliberately trying to prolong the litigation process. Garlinghouse expressed disappointment with the SEC’s approach, stating that the agency acted as if it controlled the…

    Article 2023年7月25日

  • Apple users beware: New malware hijacks crypto via fake blockchain games

    TL;DR Breakdown “Realst”, a new infostealer malware, targets Apple macOS users through fake blockchain games. The malware silently scrapes web browser data, including passwords, and can quickly drain cryptocurrency wallets. Users can protect themselves by only installing apps from the official Mac App Store, verifying links, using strong passwords, enabling two-step authentication, and keeping devices and applications updated. Description Security researchers have identified a new infostealer malware named “Realst”, which is currently being used by cybercriminals to target Apple macOS users, including those on the upcoming macOS 14 Sonoma.  However, Web3 security firm SlowMist warned through a blog post that the malware is being propagated through fake blockchain games such as Brawl Earth, WildWorld, … Read more Security researchers have identified a new infostealer malware named “Realst”, which is currently being used by cybercriminals to target Apple macOS users, including those on the upcoming macOS 14 Sonoma.  However, Web3 security firm SlowMist warned through a blog post that the malware is being propagated through fake blockchain games such as Brawl Earth, WildWorld, Dawnland, Destruction, Evolion, Pearl, Olymp of Reptiles, and…

    Article 2023年7月27日
TOP